Philrem, Bautistas slapped with money laundering raps

The Anti-Money Laundering Council (AMLC) on Thursday filed criminal complaints against Philrem Service Corp. and three of its officers for laundering stolen money.

The remittance firm, Philrem president Salud Bautista, chairman of the board and treasurer Michael “Concon” Bautista, and Anthony Pelejo, the firm’s AMLC Compliance Officer, were charged at the Department of Justice (DOJ) for the illegal transfer of $81 million stolen from the Bangladesh Bank. The council said Philrem was a conduit to the transaction that started when the money was transferred to the Rizal Commercial Banking Corp. (RCBC).